Open Market Shared Equity (OMSE) administrative procedures: 2016

Section Five: Owners wishing to Remortgage their property

5.1 An owner may wish to remortgage and possibly move from one lender to another. Administering Agents administering the scheme will need to establish if there is any element of additional borrowing.

5.2 An owner will be responsible for meeting all costs (including those incurred by the Administering Agent and Scottish Ministers) when remortgaging their home. Administering Agents must provide information on costs to the owner as soon as possible.

5.3 The Scottish Government has prepared ASSEP Procedures for use by Administering Agents administering the Scottish Government's LIFT Scheme. The document contains sample emails and correspondence to be used when a property is remortgaged. A copy of the ASSEP Procedures can be found on the Scottish Government website at www.gov.scot/LIFT